CoinCorner introduces “The Bolt Card “: Contactless, convenient BTC Payments

The Lightning Network-powered circular economy is the next stage in bitcoin evolution, according to the product. 

The Bolt Card from CoinCorner is a contactless and convenient debit card with no screen. 

The future is here

Jack Mallers said at the Bitcoin 2022 conference that Strike will enable Lightning payments to 50% of the US POS terminals. 

“Strike collaborated with Blackhawk and NCR to deliver bitcoin payments to hundreds of thousands of Point-Of-Sale terminals in ordinary businesses across the US,” we said, excited with the news. 

This comprises hypermarkets, department stores, and fast-food restaurants.”

Mallers’ video, on the other hand, was a demonstration. The product is not yet complete, let alone deployed. The Bolt Card, on the other hand, already works. 

About “The Bolt Card”

“This is real-world innovation with real-world solutions that will serve real-world people in everyday life,” says CoinCorner CEO Danny Scott, putting humility aside. 

The Bolt Card is “an offline Lightning contactless card,” according to CoinCorner, which comes from the Isle of Man. 

They characterize the bitcoin network as “a global, open, permissionless, decentralized monetary network,” borrowing a phrase from the previously mentioned Jack Mallers.

He’s referring to a debit card that’s “linked to your CoinCorner account” and may be used to spend GBP, EUR, or Sats.

However, there are certain restrictions. Is CoinCorner entirely clueless or is there something there? 

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The concerning restrictions

In any event, CoinCorner claims that its goal is to integrate with the entire Lightning network.

According to CoinCorner, the debit card’s selling point is that in-person Lightning payments aren’t currently possible. 

Those transactions, according to the business, are “still not as efficient and user friendly as we need them to be for the mainstream audience.”

We’re still using our phones to open apps, scan QR codes, and complete transactions.”

Mobile payment solutions abound, and customers appear to be at ease with them. 

The QR code approach is widely used and is not limited to bitcoin Lightning payments. People also adore their phones. 

In any event, contactless cards appear to be the standard in the United Kingdom. So, CoinCorner might be onto something.

This payment mechanism is limited in that it requires a CoinCorner Lightning-enabled POS device to function. 

The other constraint could be even more damaging. Users are unable to verify transaction data on their own devices due to the lack of a screen. 

That implies they’d have to put their faith in the merchant not to overcharge them. Given that bitcoin’s unofficial slogan is “don’t trust, verify,” this is a major issue. However, no solution is flawless, and trade-offs will always exist.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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